TransCanada won't move forward with Energy East pipeline

The Eastern Mainline project would add new gas pipeline and compression facilities to an existing system in Southern Ontario, where most of the country's home and industrial gas consumers are located.

Canadian Association of Petroleum Producers CEO Tim McMillan said the Energy East cancellation would force Canada to rely more on the U.S.to be it's "broker" for oil and gas produced domestically at a time when the North American Free Trade agreement is being renegotiated.

The two projects cancelled Thursday were "inextricably linked", because TransCanada would be converting some of its natural gas pipeline capacity during the construction of Energy East.

TransCanada's decision is also a blow to the ailing economy of New Brunswick province, where the pipeline would have terminated.

TransCanada says it will inform the National Energy Board that it will no longer be proceeding with its applications for both pipelines.

January 27, 2017: The new National Energy Board panel tasked with reviewing the Energy East pipeline decides to throw out all of the decisions made by the previous panel.

In a statement, TransCanada would only say "changed circumstances" led to the decision to kill Energy East.

"The economic benefits of the Energy East pipeline have never been added to our economic and fiscal projections", he said. Named one of Canada's Top 100 Employers in 2017, Irving Oil operates Canada's largest refinery, in Saint John, New Brunswick, which is located 65 miles north of the U.S. border and has reached production rates in excess of 320,000 barrels per day.

The Liberals are defending jobs while protecting the environment, Trudeau insisted during question period, but "the market conditions have changed fundamentally" since the pipeline was proposed, including a steep drop in oil prices, he said. The company says a decision in April to relocate a proposed marine terminal at Cacouna, Que., due in part to concern for beluga whales near the site, will increase costs.

New Brunswick Premier Brian Gallant said in a statement that the company's decision not to move forward is "not good news".

"I think the federal government has erred there and I think it's incumbent on the Trudeau government to come clean on what they want the NEB to do so that we don't make this mistake in the future as well", Nenshi said.

Calgary-based TransCanada (TSX:TRP) announced last month that it was suspending its efforts to get regulatory approval for the pipeline.

The demise of the pipeline comes less than a year after the Canadian government rejected another export pipeline, Enbridge Inc's Northern Gateway, and is a further setback for Canada's oil industry which is already hurting from low global crude prices.

The company said it would take a C$1 billion after-tax non-cash charge in its fourth quarter.

Montreal Mayor Denis Coderre, who has opposed the pipeline on environmental grounds, said he was thrilled to see it abandoned.

RBC Capital Markets analyst Robert Kwan said in a report the news was "neutral" from an investor point of view because of market skepticism that the project would proceed.

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